All Forum Posts by: Mike Reynolds

Congratulations on your excellent fortune, Jim!

Multifufamily is a great way to invest extra cash and I will happily separate you from your newfound riches. I recently paid $50K for access to a “tribe” where I, as a complete newb with no relevant industry experience at all, was taught to stand up a webpage touting the benefits of multifamily and then come and start posting here.

I was taught to attempt to attract money from people like you who have recently come into a large pile of wealth and have no plan whatsoever.

What I will do is take your money, and give it to this random other person in my $50K mentorship program who also has basically no experience raising and deploying capital.

When I give them $100K I have raised from you, I will be given a 10% finders fee of $10K. I promise not to disclose this incentive to you.

Then the syndicator will generate a 2.5% fee for buying a building, charge you 2.5% for managing the asset, another 2.5% to sell or refinance it. the GP LP carried interest split will be 70/30 on the huge pile of money we will make. I will also not tell you about this.

And oops, all your money is gone because it was actually a bad deal in the first place. And neither I nor the person I funneled your money to nor the person putting on the “mastermind” had any idea what we are doing. 

Luckily you still have the gold and baseball card…. Because I I have this new deal that's GUARANTEED 17% IRR. You in?

@Chris John

What an obvious lying bastard. Glocks have polymer frames and don't rust.

Quote from @Rick Albert:

That could be considered personal property and belong to the previous owner. I would get an attorney involved and ask about the ramifications of keeping it.

The place was sold free-and-clear. That means whatever's there is mine, right? I mean, no one told me to go find the owner of the cat skeleton I found at the first place I ever bought at a tax auction.

G'Day guys,

Lately, I've been super duper pissed off with our investors that I decided to keep all of the deals for myself 🤷‍♂️

I've always preached that there is not a single deal that we sell that I wouldn't be willing to keep for myself.

So there's that lol

Just picked up a 6 unit which us humble Ohio folk would consider an A class area (Sorry East and West Coasts as our A class is your Z Class lol)

$160,000 purchase price

$50,000 rehab

Current rents are $3,000 per month

Optimized rents will be $4,000 per month.

BPO before purchase $220,000 - $250,000

ARV $350,000

ARV with interest rates at 6% potentially $400,000+

Cashflow = S#%$ load $$$

Granted, it took 4 months to get the contract signed and we had to go to McDonalds 4 times to meet with the seller so sign each page individually single time lol

Yep, it was one of those.

All in all, great deal and they are definitely out there.

Working on another one now that will be converted into a duplex and is located in a top notch school district.

Somehow picked this one up for $20,000 and needs $45,000 in rehab.

ARV is $110,000 conservatively

Combined rents will be $1,300pm.

Ohhh yeah, almost forgot.

Also, picked up a SFH from a wholesaler believe it or not for $20,000 that after inspection needs around $15,000 in rehab.

ARV all day long is $80,000.

Says WHO there aren't any good deals???

Buy your lists, smile and dial all day and every day.

Negotiate hard, be quick, close quick and close with cash.

Your word is your honor and if you snag a bargain price and are under contract with the seller, even if it turns out to be a turd.

Buy the turd and eat it.

Don't be a turd like many other wholesalers are and let the contract lapse.

Right @Bob Stevens?

What are some deals everyone else is buying?

Let's see if you have "Bigger" numbers than mine.

I think mine is the biggest...

I meant the numbers lol

Yours truly 🙏

Quote from @Mike Reynolds:

Quote from @Savanna Kwieran:

Hey there, friends. I am trying to fully understand what new regulations have been implemented in Texas for wholesaling, because I'm seeing discrepancies in what I'm reading and hearing. First, I was informed that wholesaling in Texas now requires a double-close, which made my eyes go wide and prompted a deeper inquiry. But in researching the legislation, all I see is a new rule about disclosure. Bill SB 1577 states that effective January 1, 2024, wholesalers in Texas are required "to disclose their interest in the property in writing to both buyers and sellers." To me, nothing about that prompts necessity for a double-close when assigning a property. 

Am I missing some other new legislation, which would indeed make a double-close necessary? Or, is assigning a contract to an end buyer the regular old way still in place, and the only change is disclosure? Because if it's only the disclosure thing, I'm golden, because I choose to be upfront about that anyway. 

 If you do disclose that you are more honest than any I've come across before. I've tried to work with wholesalers a few times but they left a bad taste in my mouth. 

Not sure about the new law though. I'm just replying because I think they are only having to pass one because of the ones like I have had to deal with. It's sad that some crooked people are causing issues because they have problems being honest in their business. 

I'll be following this thread to see what the changes are though. 

@ Mike Reynolds, I know that I operate in a different way than most people who wholesale in this regard, but my integrity is important to me and I believe in karma. When I'm talking to a homeowner, I do let them know that I have options in dispo. Usually with a variation of, "in taking ownership of this property, there are several ways I could choose to handle this property. I may decide to keep it in my portfolio, fix it up and sell it on the market, or pass it on to another investor." Up to this point I haven't shared with the homeowner the exact amount of money I stand to make on it -- only that I have options to profit off the sale. I haven't found a homeowner yet that is surprised to hear that I stand to make money on the sale -- if they have sense at all, they understand that we don't operate for free, you know? Alternately, I feel like end buyers also understand the deal when they buy from a wholesaler, and if they also have some integrity, they aren't bothered that a wholesaler profits from an assignment. They're essentially paying the wholesaler for doing the leg work to find the deal. So I don't see any reason to be secretive about any of that. I feel like doing things completely above board buys trust and builds rapport.

Quote from @Mike Reynolds:

Quote from @Jay Hinrichs:

Quote from @Bruce Woodruff:

If you're choosing to live in Cali, ya gotta get used to the prices. It is what it is. Part of it is the higher cost of operating a business there, and part of it is that the Contractors know that they can ask higher $$ and usually get it.

U used Redwood..  Redwood = big dollars compared to other materials..  But it last forever. dd you consider a trex deck ?

 I was going to say the same thing. The house I’m living in now, my father and I built in ‘76. It has redwood fascia. I’ve replaced rot pretty much everywhere but that. It will for sure last forever. 

 Except I think the newer redwood is not going to last as long. It doesn't have as much color to it, I think they're just growing it too fast now.. Old School redwood is the bomb though!

Hey there, friends. I am trying to fully understand what new regulations have been implemented in Texas for wholesaling, because I'm seeing discrepancies in what I'm reading and hearing. First, I was informed that wholesaling in Texas now requires a double-close, which made my eyes go wide and prompted a deeper inquiry. But in researching the legislation, all I see is a new rule about disclosure. Bill SB 1577 states that effective January 1, 2024, wholesalers in Texas are required "to disclose their interest in the property in writing to both buyers and sellers." To me, nothing about that prompts necessity for a double-close when assigning a property. 

Am I missing some other new legislation, which would indeed make a double-close necessary? Or, is assigning a contract to an end buyer the regular old way still in place, and the only change is disclosure? Because if it's only the disclosure thing, I'm golden, because I choose to be upfront about that anyway. 

Thanks for sharing.  This meant more than your initial post.  Do keep stories coming as one of them may hit some of us and have a 'Aha' moment.